Oil prices fall on weaker oil demand growth, surprise rise in US crude stocks
Updated : June 12, 2019 06:30 AM IST
Brent crude futures, the international benchmark for oil prices, were down 76 cents, or 1.22 percent, at $61.53 a barrel by 0036 GMT.
US West Texas Intermediate (WTI) crude futures were down 79 cents, or 1.3 percent, at $52.58 per barrel.
The US Energy Information Administration (EIA) reduced its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd, although it also wound back its forecast for 2019 U.S. crude production to 12.32 million bpd, 140,000 bpd less than the May forecast.
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